Asking questions for science and defining problems for engineering 2.
Useful notes on the nature and Scope of Economics! The nature and scope of economics are related to: What is economics about? Is it a study of wealth or human behaviour or of scarce resources?
The scope of economics is very wide. It includes the subject matter of economics, whether economics is a science or an art and whether it is a positive or a normative science.
A study of definitions of economics throws light on the nature of economics which we discuss. Fraser has classified the definitions of economics into Type A and Type B.
Wealth and Welfare Definitions: Wealth and welfare definitions are divided into the classical view of Adam Smith and his contemporaries and the neo-classical view of Marshall and his contemporaries.
The classical economists beginning with Adam Smith defined economics as the science of wealth.
The classical view was misleading and had serious defects. This conception of economics as a science of wealth laid exclusive stress on material wealth.
This led economics to be branded as the science of Mammonism, of bread and butter, a dismal science, the science of getting rich. Wealth was considered to be end in itself. It was, however, the neo-classical school led by Alfred Marshall which gave economics a respectable place among social sciences.
Marshall laid emphasis on man and his welfare. Wealth was regarded as the source of human welfare, not an end in itself but a means to an end. Thus it is on the one side a study of wealth; and on the other, and more important side, a part of the study of man. It is related to his wealth-getting and wealth-using activities.
Or, as Marshall put it: Secondly, economics is a social science. It excludes the activities of socially undesirable and abnormal persons like thieves, misers, etc. Thirdly, it is related to those economic activities which promote material welfare.
Non-economic activities and activities having ignoble ends are excluded from the study of economics. Distinction between Material and Non-material Things Faulty.
Robbins criticizes the distinction between material and non-material things as established by the neo-classical economists. The latter include only those activities within the scope of economics which lead to the production and consumption of material goods and services.
Robbins, however, regards all goods and services which command a price and enter into the circle of exchange as economic whether they are material or non-material. The services of teachers, lawyers, actors, etc. Economics not concerned with Material Welfare. Robbins also objects to the use of the word welfare along with material.
For the neo-classical economists, economics is concerned with the causes of material welfare.Economics Multiple Choice Questions for Final Examination Miller.
PLEASE DO NOT WRITE ON THIS EXAMINATION FORM. 1. Which of the following statements is. 1. Scope and Role of Distributive Principles.
Distributive principles vary in numerous dimensions. They vary in what is considered relevant to distributive justice (income, wealth, opportunities, jobs, welfare, utility, etc.); in the nature of the recipients of the distribution (individual persons, groups of persons, reference classes, etc.); and on what basis the distribution should be made.
CHAPTER 1—NATURE AND SCOPE OF MANAGERIAL ECONOMICS MULTIPLE CHOICES 1. Business profit is: a. the residual of sales revenue minus the explicit accounting costs of doing business.
b. a normal rate of return. c. economic profit. d.
the return on stockholders' equity. 2. To maximize value, management must: a. maximize short run revenue. b. JSTOR is a digital library of academic journals, books, and primary sources.
About the book. Find out more, read a sample chapter, or order an inspection copy if you are a lecturer, from the Higher Education website. Multiple Choice Questions - Download as Word Doc .doc /.docx), PDF File .pdf), Text File .txt) or read online. Scribd is the world's largest social .